Philosophical theories on the nature and origins of morality (that is, theories of meta-ethics) are broadly divided into two classes: Moral realism is the class of theories which hold that there are true moral statements that report objective moral facts.
As an S corporation, no corporate income tax would be levied. And when the income gets allocated to individual shareholders, they will probably pay a maximum rate of 40% to 44%. So that would mean around $400,000 to $440,000 in income taxes and then about $600,000 in leftover after tax profit.
While the S corporation is not taxed separately, a Form 1120S is the S corp filing form used to report to the IRS on what profits and losses occurred in the business. Annual Reports. S corporations are required to file annual reports with the states they operate in, and pay franchise taxes to maintain good standing.